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<span class="articleLocation”>Feb 1 A former JPMorgan Chase & Co
investment banking analyst has been largely cleared of U.S.
charges that he disclosed information about upcoming mergers
that allowed a friend and another man to make over $600,000
through insider trading.
Ashish Aggarwal, who previously worked at J.P. Morgan
Securities LLC in its San Francisco office, was found not guilty by a federal jury in Los Angeles on Tuesday of 26 of 30 counts
he faced, prosecutors said.
The jury, following three days of deliberations, was hung on
four remaining counts of insider trading and tender offer fraud,
“We are very pleased that the jury took the time to
carefully evaluate the evidence and agreed with us that Mr.
Aggrawal was not guilty,” his lawyers, Derek Cohen and Grant
Fondo, said in a joint statement.
Thom Mrozek, a spokesman for the U.S. Attorney’s Office in
Los Angeles, said prosecutors “will review the case to determine
if we want to proceed on the unresolved counts.”
Aggarwal, 28, was charged in August 2015 in connection with
what prosecutors said were tips he provided a college friend,
Shahriyar Bolandian, who they said in turn tipped his childhood
friend, Kevan Sadigh.
Prosecutors said Aggarwal tipped Bolandian to inside
information before the announcements of Integrated Device
Technology Inc’s 2012 acquisition of PLX Technology Inc and
Salesforce.com Inc’s 2013 acquisition of ExactTarget Inc.
Bolandian in turn told Sadigh in both cases, enabling them
to trade ahead of the deals and make more than $600,000,
prosecutors said. Both have pleaded not guilty and have yet to
Aggarwal denied wrongdoing. His lawyers at trial said the
prosecution’s case was circumstantial and lacked evidence that
Aggarwal knew about the trades before they happened, tipped his
co-defendants or received anything in exchange.
The case is U.S. v. Aggarwal et al, U.S. District Court,
Central District of California, No. 15-cr-465.
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